Cryptocurrency

Crypto Asset Reform to Commence – is Australian DAO Regulation Next?

Crypto Asset Reform to Commence – is Australian DAO Regulation Next?

In a joint media statement on 22 August 2022, The Hon Stephen Jones MP, Assistant Treasurer, Minister for Financial Services and The Hon Dr Andrew Leigh MP, Assistant Minister for Competition, Charities and Treasury confirmed that the Government is to commence consultation on a framework for the regulation of crypto assets.

Draft legislation released clarifying crypto is not foreign currency for tax purposes

Draft legislation released clarifying crypto is not foreign currency for tax purposes

In the absence of a comprehensive definition of ‘foreign currency’ in the Australian tax legislation the ATO and Australian courts have interpreted ‘foreign currency’ to be currency issued or recognised by an overseas sovereign state.

Treasurer Confirms - Cryptocurrency Not treated as foreign currency

Treasurer Confirms - Cryptocurrency Not treated as foreign currency

In the absence of a comprehensive definition of ‘foreign currency’ in the Australia tax legislation the ATO and Australian courts have interpreted ‘foreign currency’ to be currency issued or recognised by an overseas sovereign state.

Is Cryptocurrency a Foreign Currency for Tax Purposes?

Is Cryptocurrency a Foreign Currency for Tax Purposes?

Taxpayers using cryptocurrency in their businesses, including as a means of paying expenses such as staff or contractors or as a means of deriving income through investments, mining or trading, is becoming more common. After a particularly volatile year for the values of cryptocurrency many taxpayers may have significant gains or losses associated with their cryptocurrency transactions.

Cryptocurrency Update: What are the Tax Implications of Staking Rewards and Airdrops?

Cryptocurrency Update: What are the Tax Implications of Staking Rewards and Airdrops?

As the public and Australian Taxation Office’s (ATO) interest in cryptocurrency continues to increase further guidance has been released by the ATO in relation to the tax treatment of staking rewards and airdrops.

Bitcoin's back - but the ATO never left

Bitcoin's back - but the ATO never left

With news and social media feeds being filled with tales of cryptocurrency (in particular bitcoin) prices fluctuating many taxpayers are making, or considering making, investments. However before jumping in taxpayers should understand that the anonymity that was originally touted as the shining crown of cryptocurrencies is not the invisibility cloak many may think it to be. What does the ATO really know about your cryptocurrency holdings and what do you need to disclose?

Sladen Snippet - ATO Reminds Crypto Holders of CGT Liabilities

Sladen Snippet - ATO Reminds Crypto Holders of CGT Liabilities

In advancing their continued attention toward the taxation of cryptocurrencies, the Australian Taxation Office (ATO) has published a reminder for taxpayers to ensure they are working out capital gains and losses correctly;

Lost but not forgotten? The ATO’s position on Lost and Stolen Cryptocurrency

Lost but not forgotten? The ATO’s position on Lost and Stolen Cryptocurrency

The anonymity central to the very nature of cryptocurrency means that if access details are misplaced, they are often lost forever. Despite the continual development of new online wallets and marketplaces to acquire, store and transmit cryptocurrency, the potential for theft of cryptocurrency remains.

Crypto-to-Crypto Trades: Bursting the Bubble on the Tax-Free Fantasy

Crypto-to-Crypto Trades: Bursting the Bubble on the Tax-Free Fantasy

Taxation of cryptocurrency continues to gain substantial attention in the media. Our thoughts on the implications of having a commercial nature when acquiring and selling cryptocurrency and the general uncertainty around taxation of cryptocurrency were recently shared in Forbes.

Beware of the Fork in the Road: Taxation and Cryptocurrency Chain Splits

Beware of the Fork in the Road: Taxation and Cryptocurrency Chain Splits

The Federal Commissioner of Taxation  (Commissioner) recently updated his guidelines on cryptocurrency and for the first time addressed the taxation of cryptocurrency acquired as the result of a chain split.  

The Cryptocurrency Boom – All That Glitters is Not Gold

The Cryptocurrency Boom – All That Glitters is Not Gold

For the purpose of this article “cryptocurrency” refers to all digital currency assets including, but not limited to, Bitcoin (BTC) and altcoins including Bitcoin Cash (BTH), Ripple (XRP), NEM, Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Dash (DASH), Monero (XMR) and Z Cash (ZEC).